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Topics in central banking
Brož, Václav ; Kočenda, Evžen (advisor) ; Tůma, Zdeněk (referee) ; Égert, Balázs (referee) ; Martin, Reiner (referee)
This dissertation consists of three research papers dealing with selected issues relevant for central banks after the global financial crisis. The post-crisis world has seen a significant strengthening of the role of central banks with regard to the financial system as well as the real economy. Correspondingly, agendas of some central bankers have grown substantially, encompassing among others monetary policy, financial stability (macro- and microprudential policies) as well as resolution mechanisms. This dissertation thesis reflects the broad focus of some contemporary central banks in three original research articles that concern current unexplored issues for monetary policy and financial stability in the European Union, the Czech Republic, and the United States, potentially bringing policy implications for the relevant authorities. The first article analyzes inflation convergence in the whole European Union (EU) over 1999-2017 and provides comprehensive and robust evidence that the process of inflation convergence among the countries of the EU was not permanently disrupted during the global financial crisis, the European sovereign debt crisis, or the period of zero lower bound interest rates. Specifically, the convergence process did not noticeably weaken after the crisis and the occurrence of...
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Zhodnocení bankovního zprostředkování a jeho vliv na ekonomiku Irska a Islandu
Hazuková, Miroslava
This bachelor thesis deals with evaluation of financial intermediation and its influence on Irish and Icelandic economy. For this purpose, the following indicators of financial intermediation have been defined: financial depth, access to finance, effectiveness and stability. Their dependency and influence on the indicator of macroeconomic environment are examined by means of correlation and regression analysis. The thesis is also concerned with characteristics of macroeconomic and banking environment, economic recovery evaluation of both countries and their comparison. Keywords
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Finanční kondice města Vsetín
Zvonková, Lucie
The submitted master thesis is focused on the analysis of the financial condition municipality called Vsetín. Master thesis is divided into two parts. First part is based on theory which should explain issues to reader. The analysis of financial condition of Vsetín is made in second part of master thesis. On the grounds of the ana-lysis is financial condition evaluated and solution for another regional development suggested. Analysis of investment projects is also made in practical part. Impacts which have an important effects on regional development are formulated by author based on familiarity with this territory.
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Dopady regulácií na trh spotrebiteľských úverov na bývanie
Vasiľková, Erika
The diploma thesis deals with an increasing demand for real estate loans, which support the increase of prices on the housing market. As a consequence of this, systemic risk grows, which causes that financial stability is unstable. By means of regressive analysis of panel data we try to find out the efficacy of macro-prudential tolls on increasing demand for real estate loans. Increase of real estate loans was chosen as a described factor, as well as macro-prudential tools and macro-economic indicators. The analysed data in the research come from the first quarter of 2006 until the fourth quarter of 2017. Time series are covered quar-terly. Eight countries of the European union were chosen as a sample for the analysis.
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Adekvátnost informací Česká národní banky při zajišťování finanční stability
Le Viet, Cuong
The bachelor thesis deals with the adequacy of the information of the Czech National Bank in fulfilling its basic functions with a focus on ensuring financial stability. The work is based on information that individual central banks publish on their official websites. In order to meet the main goal of this thesis, we have defined the term "financial stability" and have formulated important information to ensure financial stability. In the last step, we chose the method of comparing the methodology of data collection and data range with central banks of the Czech Republic, Eurozone, USA, Great Britain and Japan. The benefit of this work is the evaluation of the current data collection and data type at the Czech National Bank. At the same time, it provides insight into new opportunities in data collection and data type and use in the direction of ensuring financial stability.
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Finančná analýza vybranej účtovnej jednotky
Rosipal, Filip
ROSIPAL, F. Financial analysis of chosen accounting unit. Bachelor thesis. Brno: Mendel University, 2018. Theoretical part contains brief history of financial analysis, users, sources of data used and methods to elaborate one. Practical part consists of application of theory and financial analysis of TON a.s. is executed. Horizontal analysis describes changes in financial statements over time while vertical analysis interprets asset and financial composition. Using ratio indicators are reviewed various areas of company such as indebtedness, rentability or liquidity. Bankruptcy models monitor overall company situation. In conclusion, several possible measures are offered to ameliorate insecure areas.
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Are the risk weights of banks in the Czech Republic procyclical?: evidence from wavelet analysis
Brož, Václav ; Pfeifer, Lukáš ; Kolcunová, Dominika
We analyze the cyclicality of risk weights of banks in the Czech Republic from 2008 to 2016. We differentiate between risk weights under the internal ratings-based and those under the standardized approach, consider both the business cycle and the financial cycle, and employ wavelet coherence as a means of dynamic correlation analysis. Our results indicate that the risk weights of exposures under the internal ratings-based approach, including risk weights related to exposures secured by real estate collateral, are procyclical with respect to the financial cycle. We also show that the effect of changing asset quality on risk weights is present for the internal ratings-based approach, in line with our expectations based on regulatory standards. Our results can be employed for the purposes of decision-making on the activation of supervisory and macroprudential instruments, including the countercyclical capital buffer.
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Does monetary policy influence banks’ perception of risks?
Malovaná, Simona ; Kolcunová, Dominika ; Brož, Václav
This paper studies the extent to which monetary policy may affect banks’ perception of credit risk and the way banks measure risk under the internal ratings-based approach. Specifically, we analyze the effect of different monetary policy indicators on banks’ risk weights for credit risk. We present robust evidence of the existence of the risk-taking channel in the Czech Republic. Further, we show that the recent prolonged period of accommodative monetary policy has been instrumental in establishing this relationship. Finally, we obtain comparable results by extending the analysis to cover all the Visegrad Four countries. The presented findings have important implications for the prudential authority, which should be aware of the possible side-effects of monetary policy on how banks measure risk.
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Measurement of Clarity of Financial Stability Reports
Mišák, Vojtěch ; Horváth, Roman (advisor) ; Jakubík, Petr (referee)
The topic of this diploma thesis is to measure and investigate the clarity of Financial stability reports from 27 European central banks. Using unbalanced panel data from 2004 to 2017 we found out variables that determine the level of clarity of Financial stability reports. Clarity indices are calculated by Flesch-Kincaid readability tests. Based on our results, we claim that the clarity of the Financial stability report is affected by the level of independence of the central bank and by non-housing macroprudential policy index. Furthermore, the clarity of Financial stability reports changes among years and especially during the financial crisis. According to spatial models, the distance between central banks really matters in the terms of the clarity of Financial stability reports.
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